Man accused of embezzling $469,000

SANTA ANA – A Tustin man is scheduled to be arraigned Monday on felony charges after Irvine police arrested him Thursday on suspicion of embezzlement.

Wayne Martin Fong, 50, associate counsel and vice president at Fidelity National Title Group, will be charged with seven counts of grant theft and five counts of money laundering. If convicted, Wong would face a maximum sentence of 13 years and four months in state prison. Police said Fong embezzled $469,000 for gambling purposes.

According to the Orange County District Attorney's Office, Fong was hired in 1999 by Fidelity, where he was responsible for overseeing contracts with vendors searching for missing company assets. In 2009, he directed one vendor to send payments to a different account, providing a new contact email, phone number and mailing address, according to the District Attorney's Office.

A vendor became suspicious and brought the information to Irvine police. Investigators said the money had been transferred into Fong's personal account, and he was using it for gambling.

Fong was arrested and held on $300,000 bail. Before posting bond, he must prove the money comes from a legal source.

According to the state bar of California, Fong's employer sued him in January 2010 after it discovered his actions. A settlement was reached in July 2010, under which Fong would pay back $100,000 as well as $400,000 over the next 30 years. He was disbarred as a result of the suit.

The bar association said Fong had no other discipline record, took responsibility for his actions and had a gambling disorder. He is now enrolled in rehab, according to bar records.